The Maldives Industrial Fisheries Company (MIFCO) has begun purchasing fish weighing more than one kilogram at a minimum price of MVR 16 per kilo.  
President Dr. Mohamed Muizzu announced on Saturday that the government has fixed the minimum purchase price at MVR 16 for fish above one kilogram. He reiterated his earlier campaign pledge to raise the price to MVR 20 per kilo, though industry stakeholders remain cautious.  
MIFCO confirmed that iced tuna and yellowfin tuna are now being bought at MVR 16 per kilo. The company added that unfrozen fish will be purchased at MVR 14 per kilo, while frozen and unfrozen fish above 15 kilograms will be bought at MVR 18 per kilo.  
Local fishermen carry their day's catch to the fish market for sale. (File Photo/Sun/Fayaz Moosa)
Fishing companies have expressed concern over the President’s earlier announcement of a possible increase to MVR 20, citing financial sustainability issues. MIFCO previously stated that buying fish at fixed prices without considering international market rates was not viable, as the company struggled to process and export fish profitably when purchasing at MVR 20 per kilo.  
During the 2023 presidential election campaign, the then MDP government raised the purchase price from MVR 17 to MVR 25, before reducing it to MVR 20 in February last year. On May 1, MIFCO shifted to buying fish at international market prices, which led to sharp declines in purchase rates. At the time, fish weighing 1.5 kilograms typically sold for MVR 16.